Bank of America wealth advisor sues for job

Banks have been required by new rules in effect since May 2011 to conduct background checks on all employees, in an effort to ensure people guilty of past crimes are not put in position repeat their offenses.

These regulations have produced some interesting results. In one incident, Wells Fargo ended up firing a Des Moines employee because of an event in 1963 when he plugged a cardboard cutout of a dime into a Laundromat. He was convicted of "operating a coin-changing machine by false means."

The case drew national attention, as the hundreds of workers who were let go for this reason pressed their case. The man has since refused Wells Fargo offer to reclaim his job. A related case, with a twist, involves a Bank of America wealth advisor.

The Houston Chronicle reports that Paul Boudwin was "a successful wealth manager at the bank's Houston office. Last year, he was recognized with the bank's 'Chairman's Club' award, which came with a trip to Philadelphia for training at the University of Pennsylvania's prestigious Wharton School. He was on track for a big bonus."

But then a back ground check revealed that 14 years ago, he was arrested with other fellow college students as part of misunderstanding involving a check at Denny's. The charge was later dismissed, but the bank initially tried to fire him.

Boudwin submitted court records showing the charges were dismissed, and "bank officials assured him the matter would be sorted out, and the bank even filed for a waiver from the Federal Deposit Insurance Corp. on his behalf, court records show. However, the bank said because of the new rules, Boudwin couldn't continue to work during the six to nine months it might take to get the waiver."

The article continues, nothing that "He was put on an unpaid leave of absence, and his Wharton trip was canceled. He was told he would receive his back pay and bonus when he was reinstated, he said. In late February of this year, his boss called. Boudwin thought his ordeal was over and the FDIC had granted the waiver. Instead, his boss told him he was being fired. The bank was tired of waiting, he said his boss told him. Two weeks later, the FDIC granted the waiver, but Bank of America refused to reinstate Boudwin to his old position."

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